Updated
Daijiworld Media Network - New Delhi
New Delhi, Feb 1: Finance Minister Nirmala Sitharaman today, February 1 presented the Union Budget 2024 in the Lok Sabha. This was an interim budget as it came just ahead of the Lok Sabha Elections. In her Budget speech, she said that Indian economy has witnessed a profound transformation in the last ten years and that the Modi government carried out structural reforms and implemented pro-people programmes. She noted that the government will continue on path of fiscal consolidation to reduce fiscal deficit to 4.5% in 2025-26.
No changes were announced in the tax slabs in both the old and new regimes. The full budget will be presented in July this year after the new government is formed post-Lok Sabha Elections.
FM Sitharaman had earlier said that there would be no major announcements in this budget as polls are due in April-May this year.
In Budget 2023, the Modi Government brought in multiple new regulations for income tax. One notable announcement about personal taxation was making the new income tax regime the default regime. However, the citizens have the option to avail the benefits of the old tax regime.
Highights of the budget
Some of the key highlights of the budget are social justice, Garib Kalyan, Desh ka Kalyan, Welfare of ‘Annadata’, and Momentum for Nari Shakti.
On Infrastructure, she said that the capital expenditure outlay for infrastructure development and employment generation will be increased by 11.1 per cent to Rs 11,11,111 crore, that will be 3.4 per cent of the GDP.
On reforms in the states for ‘Viksit Bharat’, she said that a provision of Rs 75,000 crore rupees as fifty-year interest free loan has been proposed to support milestone-linked reforms by the state governments.
She said that three major economic railway corridor programmes identified under the PM Gati Shakti will also be implemented to improve logistics efficiency and reduce cost energy, mineral and cement corridors, port connectivity corridors, and high traffic density corridors.
“Forty thousand normal rail bogies will also be converted to Vande Bharat standards,” she said.
About the aviation sector, she said that the number of airports in the country have doubled to 149 airports.
“Five hundred and seventeen new routes are carrying at least 1.3 crore passengers. We have also placed orders for over 1000 new aircrafts,” she said.
On ‘Garib Kalyan, Desh ka Kalyan’, she said that the government has assisted 25 crore people out of multi-dimensional poverty in the last 10 years.
“DBT of Rs 34 lakh crore using PM-Jan Dhan accounts led to savings of Rs 2.7 lakh crore for the government. PM-SVANidhi provided credit assistance to 78 lakh street vendors. At least 2.3 lakh have received credit for the third time,” she said.
On welfare of ‘Annadata’, she said that the PM-Kisan Samman Yojana has provided financial assistance to 11.8 crore farmers.
“Under PM Fasal BimaYojana, crop insurance has been given to 4 crore farmers,” she said.
She said that Electronic National Agriculture Market (e-NAM) has integrated 1361 mandis, providing services to 1.8 crore farmers with a trading volume of Rs 3 lakh crore.
On Nari Shakti, she said that 30 crore Mudra Yojana loans have been given to women entrepreneurs.
“Female enrolment in higher education has gone up by 28 per cent,” she said.
She said that in STEM courses, girls and women constitute 43 per cent of enrolment which is one of the highest in the world.
“Over 70 per cent houses -- under PM Awas Yojana -- have been given to women from rural areas,” she said.
On PM Awas Yojana (Grameen) she said that despite COVID challenges, the target of three crore houses under PM Awas Yojana (Grameen) will be achieved soon.
“At least two crore more houses will be taken up in the next five years,” she said.
She also mentioned rooftop solarisation and “muft bijli”, saying that 1 crore households will obtain 300 units free electricity every month through rooftop solarisation.
“Each household is expected to save Rs 15,000 to Rs 18,000 annually due to rooftop solarisation,” she said.
On Ayushman Bharat, she said that healthcare cover under Ayushman Bharat scheme will be extended to all ASHA workers, Anganwadi workers and helpers.
On agriculture and food processing, the Finance Minister said that Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated at least 10 lakh employment.
“Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and 60000 individuals with credit linkages,” she said.
“A corpus of Rs 1 lakh crore will be established with fifty-year interest free loan to provide long-term financing or refinancing with long tenors and low or nil interest rates,” she mentioned about research and innovation for catalysing growth, employment and development.
Live Updates
11.57 am - I do not propose to make any changes to taxation and proposed to retain same tax rates for direct and indirect tax rates including import duties," concludes FM Sitharaman
11.52 am - In the full Budget in July, our government will present a detailed roadmap for our pursuit of Viksit Bharat, says FM Sitharaman
11.50 am - I appreciate taxpayers for their continued support, says FM Sitharaman
11.48 am - Revised estimate of fiscal deficit is 5.8% of GDP, says FM
11.46 am - FY25 capex target set at Rs 11.1 lakh crore, up 11.1%: Nirmala Sitharaman.
11.45 am - FM says the government will push for bilateral treaties with foreign partners in the spirit of 'First Develop India
11.43 am - For our tech-savvy youth, this will be a golden era. A corpus of Rs 1 lakh crore will be established with 50-year interest-free loan provided. It will be for long-term financing or re-financing with low or nil interest rates - FM
11.42 am - FM: 40,000 rail bogies to be converted to Vande Bharat standards. Airports to be doubled to 149. Indian carriers have placed orders for 1,000 new aircraft
11.41 am - Recently announced India Middle East Europe Economic Corridor will be game changer for India - Sitharaman
11.40 am - Our government will adopt economic policies which will foster and sustain growth, facilitate inclusive and sustainable development, improve productivity, create opportunties for all and help them enhance their capabilities and contribute to generation of resources to power investments and fulfill aspirations. The government will take up next gen reforms and build consensus with stakeholders for effective implementation - FM
11.39 am - Defence outlay to be increased by 11.1% to Rs 11,11,111 crore, which will be 3.4% of GDP - FM
11.38 am - Jai Jawan, Jai Kisan, Jai Vigyan, Jai Anusandhaan (research) is the motto of the Modi govt, says Sitharaman
11.37 am - Despite the challenges due to Covid, implementation of PM Awas Yojana Rural continued and we are close to achieving the target of 3 crore houses. 2 crore more houses will be taken up in the next 5 years to meet the requirement arising from increase in the number of families - FM
11.36 am - India as a G20 host showed forward way and built consensus for solutions for problems being faced by the world - FM
11.34 am - Our govt plans to setup more medical colleges by utilising the existing medical infra under various departments: FM
11.28 am - The economy is doing well. Inflation is moderate - FM
11.27 am - One crore households will get up to 300 units of electricity every month with rooftop solarisation, says FM
11.26 am - Making Triple Talaq illegal, reserving one-third legislative seats for women highlight government's women empowerment programme - FM
11.25 am - Geopolitically, global affairs are becoming more complex. A new world order is emerging after the Covid-19 pandemic. The pandemic led to the crisis while India successfully navigated its way. India assumed the G20 summit after a very difficult time - Sitharaman
11.24 am - PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore for entrepreneurial aspirations of your youth. Fund of Funds, Startup India and Startup Credit Guarantee Schemes are assisting our youth: FM
11.22 am - Average real income of people increased by 50%, says FM Sitharaman
11.21 am - GST regime boosted tax-based growth, says Sitharaman
11.19 am - The Skill India Mission has trained 1.4 crore youth, upskilled and re-skilled 54 lakh youth, and established 3000 new ITIs. A large number of institutional higher learning, namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 Universities have been set up - FM
11.17 am - In last 10 years, 25 crore people got freedom from multi-dimensional poverty, says FM
11.14 am - Minimum support prices for 'Annadata' (farmers) increased periodically, appropriately: FM Sitharaman
11.13 am - Garib Kalyan is Desh ka Kalyan, says Sitharaman
11.10 am - FM says, 'We need to focus on - Garib, Mahilayen, Yuva and Annadata; Their needs and aspirations are our highest priorities'
11.09 am - DBT of Rs 34 lakh crore has led to savings of Rs 2.7 lakh crore for government, says Sitharaman
11.08 am - Working to make India 'Viksit Bharat' by 2047: FM
11.07 am - Minimum support prices have been increased periodically: Sitharaman
11.06 am - Out govt has strengthened its mantra to Sabka Saath, Sabka Vikas: FM
11.02 am - People blessed the govt with bigger mandate: Nirmala Sitharaman
Earlier report
New Delhi, Feb 1 (IANS): Union Finance Minister Nirmala Sitharaman reached Rashtrapati Bhawan to call on President Droupadi Murmu before presenting the interim Union Budget for 2024 in Lok Sabha.
The FM will also attend the Union cabinet meeting and then present the budget at around 11 a.m.
Sitharaman will also lay a statement of the estimated receipts and expenditure of the government in the interim budget.
An interim budget serves as a temporary measure, often lacking extensive policy considerations, and typically earmarks funds for crucial government operations over a brief period. Consequently, it undergoes less scrutiny and debate in Parliament.
In contrast, the annual Union Budget is a much more thorough financial blueprint, encompassing all facets of expenditure, fund distribution, and revenue generation for the entire fiscal year.
Lok Sabha elections are scheduled this year.